What is a debt relief order?

A Debt Relief Order (DRO) is a formal debt remedy. A DRO is an alternative to bankruptcy that is designed for people who cannot afford to pay off their debts. DROs can offer a fresh start to those who are struggling with unmanageable debt. How it works DROs are for people with lower levels of…

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Helping responsible lenders grow their loan books in difficult times

It’s hard to remember a time when lending was this difficult. One pressure is the impact as 1.5m people leave fixed rate mortgages this year. They’ll spend an additional £19bn on mortgage repayments in 2024. Currently with higher credit scores, these ‘near-prime’ borrowers have been a priority for credit unions looking to balance loan books…

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Better referral for declined applicants

At the beginning of this year’s Debt Awareness Week, it was reported that 13% of adults had missed three or more credit or bill payments in the last six months. Credit unions are used to seeing this. For example, between 1 January and 18 March 2023, 29% of borrowers assessed by NestEgg’s Decision Engine had…

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Data driven decisions

As we head from London to the North West to Manchester for the ABCUL conference, NestEgg has compared the data from lending decisions made in these areas. This is to help credit unions make data driven decisions. Overall, lending risk in the North West is higher than the South East (including London). Despite higher incomes…

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NestEgg joins the FCA Financial Inclusion TechSprint

NestEgg is delighted to announce its participation in the FCA Financial Inclusion TechSprint. The TechSprint aims to utilise technology to boost the chances of loan approval and foster financial inclusion. The problem Our participation addresses two sides to the challenge. Firstly, people need help to find an alternative lender that is more likely to accept…

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What is a debt management plan?

Dealing with debt can be overwhelming, when it feels like there’s no clear way out. Debt Management Plans (DMPs) can help individuals pay off debts at a rate they can afford, over a longer period of time. However, they will have consequences on an individual’s ability to borrow in the future, as a ‘live’ DMP…

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